Gold is at the resistance level and started to drop from the level. The price is at 2060 from where the market can continue moving down. Gold still is bearish. It has painted a bearish sign earlier and I will continue to sell the pair till it reaches the next support level at 2030. Gold has formed lower lows and lower highs and is in a bearish trend right now.

The ascending trendline is forming for the breakout sells. It will also require a validation for the shorts. On the other hand, the descending trendline might be rejecting the price action to continue downwards.

Market just tapped the 61.8% retracement and is going to continue moving towards the bearish direction.

EMA 50 is bullish and we can book our profits at the retest of it.

RSI is at 65. It needs to break down from the 50 level and retest the 50 level to continue moving down. Or, it can head over towards the over bough region and start to stall from there.

Gold another short attempt.

Feb 01 2024

Take Profit +1.15%

Holding time 20hr

2054.86

Entry price

2031.33

Take profit price